Trulioo, a global identity platform, recently introduced a credit decisioning service. This new service aims to provide financial, credit, and risk insights, thereby enhancing its Know Your Business (KYB) solution. This development comes on the heels of a remarkable 102% year-on-year growth in platform usage.
This credit decisioning service aims to offer a detailed view of a business’s financial health. It verifies not only the identity of businesses and individuals but also offers insights into their creditworthiness and risk profile. Hence, it equips financial institutions with the necessary information to make informed decisions regarding their business clients.
Trulioo aims to simplify the KYB process for businesses by integrating credit decisioning into its platform. This integration condenses multiple checks into a single process, thereby reducing the time and effort needed to evaluate potential business partners. Moreover, the new feature is expected to provide a more thorough risk assessment, possibly minimizing the risk of financial crime.
Trulioo Enhances KYB Solution to Combat Financial Crime
The new credit decisioning service is a testament to Trulioo’s ongoing commitment to improving the KYB process and fighting financial crime. This added feature equips businesses and financial institutions with comprehensive financial, credit, and risk insights. Consequently, it can enable quicker and safer transactions, while also helping to mitigate potential risks.
Delivering these insights via the Trulioo identity platform marks a significant advancement in financial technology. It illustrates how regtech solutions are becoming an essential part of businesses’ risk management strategies. These solutions are revolutionizing the way companies approach KYB and risk assessments, making them more efficient and effective.
The staggering 102% YoY increase in the use of Trulioo’s platform underscores the growing demand for such solutions. It also emphasizes the platform’s success in meeting this demand. With the new credit decisioning service, Trulioo is poised to further enhance its offerings and solidify its position as a leading player in the regtech industry.
The importance of such services is becoming increasingly evident in today’s business world. As businesses persistently seek effective and efficient ways to mitigate risk and ensure compliance, platforms like Trulioo’s are likely to become even more indispensable in the future.
